ALBUQUERQUE, N.M., Nov. 30, 2015 /PRNewswire/ -- The New Mexico
Public Regulation Commission (NMPRC) today unanimously voted to
define a future test year (FTY) as beginning up to 13 months
following a rate case application. This is a modification to
the order that defined a FTY as beginning up to 45 days following a
rate application that was originally issued in the December 2014 rate filing by Public Service Co.
of New Mexico (PNM), a subsidiary
of PNM Resources (NYSE: PNM).
"We are pleased with the Commission's decision today. We
agree that this is the correct legal interpretation and it supports
our ability to make the consistent and timely investments to our
system that are necessary to maintain high standards of reliability
for our customers," said Pat
Vincent-Collawn, PNM Resources' chairman, president and CEO.
"Over the last five years, PNM has invested more than $1.2 billion in our generation, transmission and
distribution systems. Timely recovery of these investments
helps keep the utility financially healthy and lowers the borrowing
costs that are ultimately passed onto customers."
While the written order has not yet been issued, today's
decision is expected to largely adopt the definition that resulted
from the workshops sponsored by the NMPRC in July and August,
allowing for a FTY beginning no more than 13 months after the
filing of an application. Pending review of today's amended final
order, PNM may request to withdraw its N.M. Supreme Court appeal of
the NMPRC FTY definition.
The NMPRC also heard a presentation today by the Hearing
Examiner on PNM's ongoing San Juan Generating Station case.
The NMPRC is expected to vote on that case on Dec. 16, 2015.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in
Albuquerque, N.M., with 2014
consolidated operating revenues of $1.4
billion. Through its regulated utilities, PNM and TNMP, PNM
Resources has approximately 2,707 megawatts of generation capacity
and provides electricity to more than 753,000 homes and businesses
in New Mexico and Texas. For more information, visit the
company's website at www.PNMResources.com.
CONTACTS:
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|
Analysts
|
Media
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Jimmie Blotter
|
Pahl
Shipley
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(505) 241-2227
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(505)
241-2782
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements made in this news release that relate to future
events or PNM Resources' ("PNMR") or Public Service Company of
New Mexico's ("PNM")
(collectively, the "Company") expectations, projections, estimates,
intentions, goals, targets, and strategies are made pursuant to the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that all forward-looking statements are based upon
current expectations and estimates. PNMR and PNM assume no
obligation to update this information. Because actual results may
differ materially from those expressed or implied by these
forward-looking statements, PNMR and PNM caution readers not to
place undue reliance on these statements. PNMR's and PNM's
business, financial condition, cash flow, and operating results are
influenced by many factors, which are often beyond their control,
that can cause actual results to differ from those expressed or
implied by the forward-looking statements. For a discussion of risk
factors and other important factors affecting forward-looking
statements, please see the Company's Form 10-K and Form 10-Q
filings with the Securities and Exchange Commission, which factors
are specifically incorporated by reference herein.
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SOURCE PNM Resources, Inc.